Starbucks Chairman: On Monday it was announced that the Executive Chairman for Starbucks (NASDAQ:SBUX), Howard Schultz, will be leaving his position with the coffee company as of June 26, 2018.
According to a recent press release, Schultz, who has been with the company for 40 years, will be “looking forward to spending more time with his family this summer.” Schultz also plans to write “a book about Starbucks social impact work and the efforts to redefine the role and responsibility of a public company in an ever-changing society.”
Although Schultz will be retiring from his position at Starbucks, his decision has fueled rumors that he plans to make a bid for the 2020 US Presidency.
The Starbucks chairman has been known for being “increasingly vocal on political issues,” according to a recent New York Times article, and has been “mentioned as a potential candidate for the Democratic Party.”
When asked by the New York Times on whether he would run for president, Shultz had said:
“I intend to think about a range of options, and that could include public service. But I’m a long way from making any decisions about the future.”
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Stating that he has been concerned about the growing divide in the US and its standing in the world, Schultz believes that “one of the things [he] [wants] to do in [his] next chapter is to figure out if there is a role [he] can play in giving back.”
Although he follows this statement by saying that he does not know what it could be, many believe that this could hint towards a role in politics.
Within Schultz’s 40 years with Starbucks, he was able to grow the company from 11 stores to over 28,000 stores that are available in 77 countries.
Shultz had previously stepped down from his positions as Starbucks CEO, which was then given to Kevin Johnson last year.
Myron Ullman, who was the previous CEO and chairman of JC Penney (NYSE:JCP), was named as Starbucks new executive chairman.
Shares of Starbucks went up 0.28% on Monday and closed at a share value of $57.07 USD.
Do you think Schultz could throw his hat in the ring as the next US presidential candidate?
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